Newell Brands Inc. (NWL) was getting a welcomed boost Thursday morning, after legendary activist investor Carl Icahn upped his stake in the company.
Newell Brands was rising 4.95% to $21.41 a share in pre-market trading Thursday morning. It was up 1.03% at the open to $20.61.
Brett Icahn, Carl's son, bought more than 1 million shares of the consumer company at roughly $20 a piece. This moves Carl's total stake in the company up to 9.89%. Brett alone owns about 0.15% of the company, for a total market value of $15 million.
A movement of above 4% in the stock today will bring the $9.52 billion market cap stock to the $10 billion mark.
Newell recently beat earnings expectations, but more importantly, Newell revised its 2018 adjusted EPS guidance range to $2.55-$2.75 from $2.45- $2.65, and maintained its sales outlook of $8.7 billion to $9 billion.
The stock immediately rose on the report, and since the report on Nov. 2, there's been renewed confidence in the stock, which is in the red for the year. Since Nov. 2, the stock is up more than 7%, while the broader market has tanked.
Newell Brands is down 33% year to date.